Deductions & credits

@nockonwood  it depends!

 

if you were issued a 1099-S form by the closing agent, then you must report the sale (and then deduct it due to the capital gains exclusion).  Closing agents are not required to issue the form if the sale was under $250,000 but some do. 

 

if you were not issued a 1099-S form there is no need to report it.